Accounts Receivable

Run your association with real-time visibility of your financial position. Understanding the current position of your organisation is key to making effective real time decisions that can increase profitability.  

  • Better manage finances and boost profitability with all the tools to manage quotes, orders, invoices, statements
  • Easily reconcile and send professional recurring invoices and statements
  • With transactions stored against member details, you will have all the information at your finger tips
  • Easily export transactions to third-party accounting systems.
  • Automate renewals and streamline invoicing and payment processing.
  • Better manage finances and boost profitability with all the tools to manage quotes, orders, invoices and statements.
  • See at a glance overdue invoices and manage your debtors more effectively while maintaining a high level of service
  • Easily reconcile and send professional recurring invoices and statements.
  • With transactions stored against member details, you will have all the information at your fingertips to provide high levels of service.
  • Gain better control of your expenses and take maximum advantage of discounts by scheduling payments.
  • Easily maintain your general ledger and simply produce financial reports so you know where your association stands.

Member Engagement is associations first priority, couple that with operational inefficiencies, financial aspect side of the business typically sufferers. According to IBISworld industry associations sector employs 30,000+ across 2,244 organisations. Industry associations are heavily burdened by labour cost equating to approximately 42.3% of industry revenue. These figures are surprising given the industry relies on volunteers which suggests more needs to be done to implement strategic initiatives to increase operational efficiencies and reduce costs. 

Implementing a subscription based association management solution allows your organisation to scale up and down as your business does, it also means expenditure becomes an operational cost. There are so many benefits to running your association off operational budgets:

  • Budget predictability
  • Low upfront cost 
  • OPEX is generally easier to get funding approved or has higher thresholds before requiring board sign-off.
  • Increased taxation benefits, speak to your accountant for further details.  
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Coresoft's Accounts Payable is an effective way to manage your organisations creditors.

Coresoft simplifies and automates tedious tasks, reducing errors and leveraging technology to improve efficiency and accuracy. The result is improved cash flow management and overall profitability. Taking maximum advantage of available discounts and using efficient and consistent payment practices will improve both supplier relationships and finances.

Transaction Entry and Control 

Invoices, credits and adjustments can be entered singularly or in batches and posting to general ledger is achieved by specific account codes or simple categories used for regular purchases. Invoices entered are maintained within the system until due for payment. Available discounts are identified on cash requirements and aged trial balance reports.

When used in conjunction with the purchasing system, stock receipts and allocation of invoice to order can be performed whilst entering each invoice.

Auditing and Reporting

Each transaction is recorded in batches. Audit reports of monthly transactions can be printed and re‑printed at any time. Trial balance, transaction listings, General Ledger distributions, invoice and cash registers together with discount analysis and cash flow reports are available on demand. Trial balance and cash requirement listings help identify what amounts are due, what discounts are available and the cash required to settle the accounts.

Payments and Adjustments 

From a simple single entry screen the operator can allocate payments to invoices, adjust due amounts, issue credits / debits, apply  / cancel discounts due.

The bank account chosen will be used to record cheque details for use in bank reconciliation within the Cash Book System. Posting to general ledger is sufficiently flexible to allocate to another period or a future year. These transactions can be posted to the General Ledger at any time without interfering with the current period.

This means that departments can view their expenses on future periods even though the General Ledger is several periods behind.

Multiple companies

Like all Coresoft modules, the system allows users to process transactions to more than one company using the same software facilities.  Simply change companies and it is as though the computer has changed. There are separate suppliers, terms distribution and general ledger chart of accounts.

Flexible set up 

Multiple term codes are available allowing each invoice to have a default or special discount rate. Each creditor can be categorised by a user defined creditor type to assist in analysis. Default GST can be set globally and changed at data entry where appropriate. The system supports multiple GST rates for differing purposes and change over rates at an appointed date.

Supplier Automated Payment

Coresoft allows the user to use a batch type of processing to select supplier invoices to be paid in a particular cheque run. The user can choose an amount available to be paid and the system will select invoices up to that value.  Alternatively they can scroll back and forth through only the invoices due, selecting both the invoices, the amount to be paid and, using available discount, the amount of discount being claimed. Once complete, cheques and remittances can be produced from these selections.

Foreign Currencies   

Invoices can be entered in the suppliers' currency, along with the exchange date and rate. Account inquires will show theses invoices in local or foreign currency on demand.

Posting control and assistance

Invoices can be posted to future periods and the default General Ledger Accounts are recommended by the system when the transaction details are being entered. This distribution  can be accepted or altered prior to posting. Additionally the Financial Controller has the ability to list or move transactions to another period prior to being updated to the General Ledger in cases of operator  error.

Settlement discount is automatically calculated as transactions entered.

Bank accounts

Payments can be made from the multiple bank accounts available in the system and all cheques paid are recorded in the cash book for use by the Cash Book System Bank Reconciliation facility.

Business to Business

To facilitate operating in today's Business community, Coresoft's Accounts Payable accepts transactions from your Partner companies and suppliers using industry accepted XML data exchange formats.

Transactions are not posted as received, but are accepted into a specially developed "Sandbox" approval system, where they can be examined, approved and or changed before being processed.

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Why CloudCentre?

With extensive experience in providing solutions to a wide variety of membership-based organisations, we have learnt a great deal about the challenges faced by the industry and how they have used our software to improve service delivery and internal efficiencies. As a result, we are able to offer our customers innovative solutions that meet their entire operating requirements.

Industry knowledge and experience

  • Coresoft understands the industry and is able to provide best practice, process-driven solutions which increases efficiency in your work processes.
  • Our unique approach to software design enables our solutions to be deployed rapidly giving you measurable and immediate return on investment.
  • We ‘speak your language’ resulting in fast installation and implementation.

Tried and Proven

  • We have implemented Coresoft within many membership organisations, ranging in size from two users to 250 users.
  • You gain immediately from the know-how of these organisations using the system.

Flexible and customisable

  • Coresoft is an open system which allows other applications to be built on the same platform.
  • Coresoft’s N-tier platform provides the ability to customise workflow requirements and integrate to external applications without affecting future upgrades.

No Software Hassles

  • With cloud-based applications, there is no need to install software or make updates – lowering costs and reducing hassle for IT. Upgrades are automatic so you always have the latest version.

Support, maintenance and upgrades

  • Coresoft provides complete and up-to-date user documentation.
  • We provide reliable and fast turnaround support.
  • Maintenance includes upgrades so the latest features are readily available to you.
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